The company unfortunately cannot start building the mine as it...

The company unfortunately cannot start building the mine as it then hands more power to the Government agency that has brought their environmental case. This case was brought erroneously, in my opinion, as this mine must be one of the most environmentally sensitive constructions available: conservative on water, self powered, no water dams, low carbon transport miles etc creating an organic fertilizer that is absolutely critical to the local farming sector. The company is showing great sensitivity in trying to find an out for the agency that saves the Agencies face. You would expect this to be repaid in future, but one cannot rely on that. If nothing else, it will ensure that the project moves forward once an agreement is inked, and it will get inked. I am sure that there will be some giveaways as a face saver, and hope that it is not too expensive.
Management has done well looking after cash, but a raise will be necessary, hopefully it will be after the deal is inked as one would expect in normal rational times (if such a time actually exists) that this stock is rerated, due to a significant risk being removed, probably still well short of a more correct valuation, but up significantly from these levels.
Doing business is these economies is unfortunately always difficult and as such carries a higher than expected risk weighting, dragging down the market capitalisation, resulting in a higher cost of capital. The temptation to go down a debt program too early must be tempting, but one that should be avoided if possible. Certainly some project debt financing once, ALL permitting and approvals are received would be a better time. DYOR.